Ways to Use a Reverse Mortgage

Medical/Healthcare
Many find reverse mortgages a way to eliminate concerns about medical and healthcare costs. As Emily T. explained, “when I needed the funds for long term medical care for my husband and prescription medication for myself, our reverse mortgage alleviated my financial fears. With the reverse mortgage, we were able to remain in our home, receive the home care and medications we needed, and without worries.”

Aging in Place Remodeling
Alexander M. wondered how he would be able to meet his daily needs now that he was widowed, alone, and wheelchair-bound, living in his two story home. “When I was approved for my reverse mortgage, I was able to add a bedroom to the lower level of my home, next to the kitchen and bathroom, giving me independence I needed.”

Income Supplement
Alice J. lost her husband last year. “While I had social security, I did not have enough finances without Michael’s income to pay for basic necessities and I didn’t want to have to rely on my children for supplemental income. The reverse mortgage provided the financial piece of mind I needed and allowed me to remain in my home.”

Debt Reduction
“My wife and I 67 and 69 years of age and thought we would be able to eliminate all of our debt before retirement, but found that while we were ready to retire, we still held more debt than we were comfortable with and lacked the additional savings to pay it off. Our reverse mortgage gave us the financial security we needed in retirement without the worry of debt.”

Gifting
Widow Martha L. found her reverse mortgage gave her the flexibility to do the two things she most wished—to provide college funds for her young grandchildren and to buy their parents their own home. “I have enough for myself, but didn’t have the funds to give my children and grandchildren the security they needed. My reverse mortgage allowed me to do that, while remaining comfortably in my own home.”